All Forum Posts by: Omeed Owhadian

Hi i'm having trouble getting a lender for properties under 80k.  Any recommendations? I'm in Houston Texas 

 That was my intention to buy the 40% but become the 60% majority if my name is put on the new loan and new partnership.

commercial shopping center appraised at $1.5m, and about $12/ft/year.  building is about 10500 sq ft.  so should be around $10,000 a month leased.

current mortgage balance $50k

repair estimates, roof, driveway, paint, misc $100k 

2 partners own the building 60/40

the 40% partner wants to be bought out by me. i currently have 0%

the loan officer said the new mortgage would be around $5500/month

the ownership is currently structured under a partnership.  So i was thinking to restructure the partnership and ask to become the 60% majority in exchange for managing the building.

my questions are 

1) would you cash out refi and take on this partnership?, how much would you offer the 40% partner? or advise the second partner to keep everything and become 100% owner?

2) how would you split the theoretical monthly profits?

3) or just out right sell the building?

Hi All, ive got a few rentals under section 8 in Houston,TX.  I was wondering if anyone knew of a different part of Texas that has a good ratio of cheaper Housing and Higher payment standards for the section 8 program.  Houston is pretty slim picking these days.